You are more correct than you might realize. The "price war" between the major retailers is killing their bottom lines. The longer the price war keeps up the worst it gets for already financially strapped companies like JCP. They're just not strong enough to hold out longer than their competitors.
Very true, and JCP has the least "cash wiggle room" of any of the retailers; and most of the current "wiggle room" came from borrowed money. Never a good idea to borrow money to pay back a loan. That's what PayDay loan customers do.